Gross Domestic Product (GDP) in the second quarter of 2016 grew by 3, 3%
South Africa’s gross domestic product (GDP) growth rate was 3, 3% in the second quarter of 2016.
The main contributors to the GDP growth rate were the manufacturing industry and the mining and quarrying industry. Manufacturing increased by 8,1%, largely as a result of higher production in petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories and other transport equipment. Mining and quarrying grew by 11,8%, largely as a result of higher production of platinum group metals.
Only two industries contracted in the second quarter, namely agriculture, forestry and fishing (-0, 8%); and electricity, gas and water (-1,8%). The agriculture, forestry and fishing industry has been in decline for six consecutive quarters.
Expenditure on GDP2
Expenditure on real gross domestic product grew by 3,4% in the second quarter of 2016. Household final consumption expenditure increased by 1,0% in the second quarter. The main sources of the increase were miscellaneous goods and services and health services.
Government final consumption expenditure increased by 1,3%.
Gross fixed capital formation decreased by 4,6%. The main contributors to the decline were construction works and machinery and other equipment.
There was a R23 billion drawdown of inventories in the second quarter (following a R1 billion build-up in the first quarter), which contributed -3,2 percentage points to total growth.
Net exports contributed positively to total expenditure on GDP. Exports increased by 18,1%, mainly because of higher exports of precious metals and vehicle and transport equipment. Imports decreased by 5,1%, mainly because of lower imports of machinery and electrical equipment.
Enquiries:
Trevor Oosterwyk
Cell: 082 908 9104
Tel: 012 310 4687
Email: trevoro@statssa.gov.za
Technical enquiries:
Michael Manamela
Cell: 082 888 2205
Tel: 012 310 8520
Email: michaelm@statssa.gov.za
